The company noted that the reserves exceed 30bbls currently when compared to 27 million bbls last year.

The recoverable reserves at the Prinos Oil Field are estimated at 11,9 million bbls while Prinos North Oil Field are estimated 3.4 million bbls and at the Epsilon Oil Field are 15 million bbls, according to the Competent Persons Report (CPR) carried out by ERC Equipose.

In CPR, ERC Equipose said that there is significant scope for extracting additional production through a broad range of operational initiatives although Prinos and Prinos North are mature fields.

Energean Oil & Gas chairman and CEO Mathios Rigas said the recoverable reserves (2P) in 2007 were estimated at just 2 million oil barrels, when Energean obtained the Prinos licences, and an end to its production seemed both inevitable and immediate.

"Now, production from the Gulf of Kavala will continue for at least a further 15 years, and we will be announcing the detailed investment programme in Kavala shortly, which will safeguard jobs and local economic growth," Rigas added.

"The continued production at Kavala is the result of a €180 million investment by Energean over the last seven years, and the dedicated efforts of our technical and operational team."

The operational initiatives suitability is currently being assessed while Energean’s phased development plan for Epsilon Oil Field is expected to result in additional oil production from this field.